Vornado Head Steven Roth Steps Down From JCP Board; Shares Drop

(RTTNews) - J.C. Penney (JCP) announced that Vornado Realty Trust (VNO) Chairman and Chief Executive Officer Steven Roth resigned from JCP's board. Vornado has a 6.1% stake in Penney, according to the regulatory filing. Following this announcement JCP's stock declined by almost 0.65 percent.

At a recent conference, Joseph Macnow, Executive Vice President - Finance and Chief Administrative Officer of Vornado Realty Trust, stated that Vornado currently expects to exit its investment in the not-too-distant future.

In a filing with the Securities and Exchange Commission, Vornado said it intends to review its investments in Penney on a continuing basis.

In a separate filing, J.C. Penney said: "Mr. Roth's decision was not the result of any disagreement with the company or the board of directors."